Key Takeaways
- • PenCom Director-General Omolola Oloworaran urged Pension Fund Administrators and industry stakeholders to open three million additional funded Retirement Savings Accounts within one year, according to Nairametrics' coverage of the National Pension Conference and Awards in Abuja.
- • Oloworaran outlined five reform shifts for the next decade, including a move from payroll-based to population-based coverage and a pivot from capital to development financing of infrastructure, housing and enterprise.
- • PFA owners have reportedly committed to the three-million funded active account target, which Oloworaran stressed means new, funded accounts rather than registrations.
- • All pension fund administrators and custodians must complete recapitalisation by June 30, 2027, per the PenCom DG.
- • President Bola Tinubu, represented by SGF George Akume, warned against reckless investment and called on PenCom to enforce laws without fear or favour.
Summary
Pension Commission Director-General Omolola Oloworaran has called on Pension Fund Administrators (PFAs) and other industry stakeholders to open three million additional funded Retirement Savings Accounts within one year. She made the remarks on Thursday at the National Pension Conference and Awards in Abuja, held as part of National Pension Week 2026, according to Nairametrics. The call follows what the regulator described as a strong performance by the industry in the first nine months of 2025, with several PFAs recording impressive average returns across the four RSA fund categories.
In her keynote, Oloworaran set out five shifts she said must occur over the next decade. The first is a move from payroll to population, with the pension scheme extending beyond salaried workers to reach markets, motor parks, farm clusters and mobile phone users through the Personal Pension Plan, accredited pension agents and other initiatives. She said the owners of all PFAs had committed to the three-million funded active account target, stressing that the goal was new funded accounts rather than registrations. The second is a shift from savings to security; she said a Pension Security Initiative would be launched by President Bola Tinubu in November 2026. She also pledged that the Commission would use its powers under the Pension Reform Act to recover amounts owed to workers, and urged employers to view pensions as a commitment rather than a deduction.
The third and fourth shifts focus on strength and development. Oloworaran reiterated that every PFA and custodian must complete recapitalisation by June 30, 2027, and described pension money as "the deferred wages of Nigerians." She cited foreign examples in which workers hold stakes in airports and roads, and said Nigerian pension savings could help finance power, roads, housing and enterprises.
President Tinubu, represented by Senate Leader and Secretary to the Government of the Federation George Akume, called for stronger regulatory oversight, improved compliance and accountability across the pension ecosystem. He warned against reckless investment and said investment decisions should rest on rigorous assessments of risk and return. He charged PenCom with enforcing laws and standards without fear or favour.
Tunji Andrews, CEO of Awabah, told Nairametrics that technology and access bottlenecks had been addressed at least for his firm, and that accredited pension agents must now focus on awareness work to bring more Nigerians into the system. Competitive dynamics among PFAs also featured in the coverage: Nairametrics previously reported that the top five operators accounted for 54.41% of new RSA registrations in Q1 2026, down from 62.11% in the prior quarter. Stanbic IBTC Pension Managers led with 25,024 registrations (17.47%), followed by AccessARM Pensions (10.63%), FCMB Pensions (10.15%), TangerineAPT Pensions (9.65%) and Trustfund Pensions (6.73%). PenCom noted TangerineAPT's entry into the top five signals intensifying competition.
In her keynote, Oloworaran set out five shifts she said must occur over the next decade. The first is a move from payroll to population, with the pension scheme extending beyond salaried workers to reach markets, motor parks, farm clusters and mobile phone users through the Personal Pension Plan, accredited pension agents and other initiatives. She said the owners of all PFAs had committed to the three-million funded active account target, stressing that the goal was new funded accounts rather than registrations. The second is a shift from savings to security; she said a Pension Security Initiative would be launched by President Bola Tinubu in November 2026. She also pledged that the Commission would use its powers under the Pension Reform Act to recover amounts owed to workers, and urged employers to view pensions as a commitment rather than a deduction.
The third and fourth shifts focus on strength and development. Oloworaran reiterated that every PFA and custodian must complete recapitalisation by June 30, 2027, and described pension money as "the deferred wages of Nigerians." She cited foreign examples in which workers hold stakes in airports and roads, and said Nigerian pension savings could help finance power, roads, housing and enterprises.
President Tinubu, represented by Senate Leader and Secretary to the Government of the Federation George Akume, called for stronger regulatory oversight, improved compliance and accountability across the pension ecosystem. He warned against reckless investment and said investment decisions should rest on rigorous assessments of risk and return. He charged PenCom with enforcing laws and standards without fear or favour.
Tunji Andrews, CEO of Awabah, told Nairametrics that technology and access bottlenecks had been addressed at least for his firm, and that accredited pension agents must now focus on awareness work to bring more Nigerians into the system. Competitive dynamics among PFAs also featured in the coverage: Nairametrics previously reported that the top five operators accounted for 54.41% of new RSA registrations in Q1 2026, down from 62.11% in the prior quarter. Stanbic IBTC Pension Managers led with 25,024 registrations (17.47%), followed by AccessARM Pensions (10.63%), FCMB Pensions (10.15%), TangerineAPT Pensions (9.65%) and Trustfund Pensions (6.73%). PenCom noted TangerineAPT's entry into the top five signals intensifying competition.
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